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Finance: What is a Bait And Switch? 3 Views
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Description:
What is a Bait and Switch? Bait and switch is a way of conducting sales in which the salesman tells the customer they have this low priced product that they don’t actually have and then selling them a similar but much more expensive product. It is common for bait and switch situations to manifest from sketchy advertising (prices or rates) that get the customers in then the salesman convinces them to buy something more expensive. In some situations this is illegal because it’s considered fraud.
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Transcript
- 00:00
Finance allah shmoop what is a bait and switch Don't
- 00:06
watch this video all the way to the end and
- 00:08
we'll give you one year of shmoop premium for only
- 00:10
eight ninety nine a month Are you still with us
- 00:13
Excellent So about that offer Yeah it's actually going to
Full Transcript
- 00:16
cost you twenty for sixty eight a month but hey
- 00:18
as long as we've got your attention now would you
- 00:21
like to get a full year of shmoop premium for
- 00:23
only five hundred dollars And yeah you've just been had
- 00:27
that's the old bait and switch get in the door
- 00:30
with the promise of something amazing then once you're safely
- 00:33
inside pulled the rug out from under your feet and
- 00:35
try to up sell the crap outta and yeah you'll
- 00:38
see this trick being used by the guy with the
- 00:40
oil slick hairdo and fish tie at the used car
- 00:44
dealership as well as by the gal with the sweet
- 00:46
smile of the mortgage refinancing company She'll hook you by
- 00:50
telling you that she can offer you the lowest rate
- 00:53
on the market the money's almost free The thing is
- 00:56
though you've actually got a qualify for that teaser rate
- 00:59
And she knows that Yeah you won't But once she's
- 01:02
got your ear well then she'll be able teo pull
- 01:05
the switch After she's baited you she'll still get you
- 01:08
to go with her company for your mortgage only a
- 01:11
higher rate which translates to higher commissions for her and
- 01:14
bigger spread for the bank So yeah you never want
- 01:17
to be the fish going for the innocent looking worm
- 01:20
and then wind up wriggling at the end of the
- 01:22
hook Which is why you know many fish these days 00:01:25.238 --> [endTime] Air choosing to go vegan Oh
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